Bitcoin China is about to close its cash withdrawal business

[PConline News] On October 10th, just after the National Day Mid-Autumn Festival, Bitcoin China, which closed its trade on September 30, announced again on the WeChat public account that Bitcoin China will be at 12 noon on October 30 in Beijing: 00 Stop withdrawing business. Please ask users to withdraw cash as soon as possible.

It took more than a month, from the guesswork in early September to the closure of major trading centers today, the domestic Bitcoin market has experienced ups and downs, and even experienced a “slum” on September 17.

The original announcement was:

To sum up, there are three points: 1 Bitcoin China user withdrawal deadline is 12:00 noon on October 30th. 2 In order to prevent legal risks and ensure the safety of assets, users need to complete video certification when they withdraw money, and may also need to provide more private information. 3 Bitcoin China Mining Pool (Guochi) business is still operating normally.

However, at the time when domestic ICOs and bitcoin and other virtual currency transactions were heavily rectified, ICO project parties and platforms migrated to overseas markets or turned into “private funds”, which is also the international market for bitcoin and other market prices can return to 4800 One of the reasons for the high dollar/piece (equivalent to RMB 30,000 yuan/piece).

This announcement did not have a major impact on the Bitcoin market, but on the same day (10th October), the first deputy governor of the Central Bank of Russia declared that the website that will block the supply of Bitcoins would have caused Bitcoin to fall below the threshold of $4,800. According to data from CoinDesk, Bitcoin has now returned to US$4,800.

After the domestic trading market was banned, foreign trading platforms were favored by domestic players, but foreign platform security incidents occurred from time to time, and transaction disputes continued to burst. In addition, third-party platforms also bear various legal risks. In order to circumvent foreign exchange control, certain fictitious capital names are definitely needed. Once problems arise, the rights and interests of investors are difficult to guarantee. If you want to trade off-exchange, the risk will be even higher. It can be said that the current digital currency trading market is not very good for domestic investors. Then what should investors do?

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